Susquehanna Bancshares refinances notes
Susquehanna Bancshares Inc. is refinancing debt.
The Lititz-based parent of Susquehanna Bank has begun an offering of $150 million in senior notes, paying 5.375 percent interest and due in 2022, the company said in statements released Wednesday and today.
Susquehanna said it will use the proceeds, plus cash on hand, to redeem $196 million in existing debt, consisting of the following:
• $125 million in notes paying 9.375 percent, issued in December 2007 by affiliated trust Susquehanna Capital I.
• $50 million in notes paying 11 percent, issued in March 2010 by Susquehanna Capital II.
• $21 million in notes issued by Tower Bancorp Inc., which Susquehanna acquired in February.